Is Jamie Dimon The Most Powerful Person In Finance?
finally Friday Dan DeFrancesco In NYC, and we’ve got an update on “Cocaine Hippos.”
First of all, I need your help. I’m collecting reader questions that I’ll answer in next Friday’s newsletter (A mail bag? Newsletter for? Groundbreaking.) So if you have Wall Street-related questions, submit them here.
Besides, we have big guys. Andy Sieg, president of Merrill Lynch Wealth Management, is leaving the firm to lead the property business of rival Citi. In the meantime, Lindsey Swan and Eric Schimpf are taking over as co-chiefs. Read more about Hans & Schimpf here.
Fun Fact Friday: The concrete used in ancient Rome is actually stronger than the stuff used today. here’s why.
Today, we have the latest stories on Quinn Emanuel, what’s happening in the M&A league table at the start of the year, and a very expensive workout routine.
But first, there can be only one!
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Jamie Dimon on a blue circle
Jemal Countess/Getty Images for Time; insider
1. Who holds the keys to the kingdom?
Finance is a game of ups and downs. From stock prices to bank accounts to assets under management, business volumes rise and fall.
But it’s not just the numbers. The power held by key officials is a fluid situation, and can change at the drop of a hat. One day you’re acquiring your biggest competitor, the next you’re looking for a new job.
Insider’s Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. The latest banking crisis has provided Dimon yet another opportunity to swoop in and cement his legacy as Wall Street’s knight in shining armour.
Carter’s story got me thinking: Who is the most powerful person in finance?
Jamie Dimon: Let’s start with the CEO of JP Morgan. When you run the biggest bank in the world’s biggest economy, you can be guaranteed a spot on this list. Dimon has long been the world’s most visible banker, but the recent banking crisis cemented that position as Carter’s story details.
Ken Griffin: I’ve made the case in the past for Griffin being the top dog in finance. Let’s recap: He founded Citadel and Citadel Securities, respectively, one of the most powerful hedge funds and trading firms in the world. He made the most money in 2022 than any other hedge fund manager. According to Bloomberg’s Billionaires Index, he is the richest person in the field of finance. Oh, and he’s looking to influence politics too!
Jerome Powell: It’s worth throwing a regulator into the mix. With all due respect to Gary Gensler and Janet Yellen, this one is a no brainer. Powell’s decision to raise rates has had the biggest impact on the broader markets in the past year. do not believe me? Go ask SVB.
Larry Fink: When you run the world’s largest asset manager, you need to consider. For better or worse, Fink is the poster child for ESG. Apart from his firm managing trillions of dollars, he has also built a powerful consulting arm. Fink is so powerful it’s contagious! Even working with them can supercharge your career. It will be interesting to see who tries to fill those shoes when he steps down. (If you have some thoughts, tell Insider’s Rebecca Ungarino.)
Warren Buffett: Before You Jump Down My Throat Know That This Is A List Of The Most Powerful People finance but not wall Street, While Buffett may not have the street cred of the others on this list, he does have something equally important: the ear of the people. The average American won’t recognize most of these names, but they all know who Buffett is. That type of impact, while not apparent on the league table or AUM, matters a lot. (He also had a cameo in “The Office”, so there’s that.)
What do you think? Cast your vote here – or name someone else – who you consider to be the most powerful person in finance.
Click here to read more about how Jamie Dimon’s legacy could be defined by his handling of the latest crisis.
In other news:
get pain and paramount pictures
2. What’s next in the “world’s most dangerous law firm”? Watch this fascinating story on the shake-up at Quinn Emanuel, the world’s largest litigation firm. John Quinn, the firm’s founder and a great lawyer in his own right, discusses the recent change in power at the firm. Here’s what’s next for one of the pillars of Big Law.
3. Office buildings don’t have a problem… unless they’re really old. Willingly or by force, people are coming back to the office. But the time spent working from home has raised expectations. That’s bad news for office buildings that need an upgrade. Meanwhile, one group is hoping office buildings will figure it out: banks. Here are 20 companies with some big exposure to property loans.
4. People in companies really like to work. Workplace review site Comparatively has released its rankings for the best companies to work for in the New York and San Francisco metropolitan areas. None of the cities on the list had strong showings from finance, but it’s still worth checking out. Here are the top 25 companies in NYC and the Bay Area.
5. They’re always watching. A recent survey found 96% (!) of companies whose workforce is either mostly WFH or hybrid use software to monitor employee productivity. (Good thing reading 10 Things to Do on Wall Street is approved by all companies.) More on how your boss is probably viewing you right now.
6. M&A League Table for Q1. As the Financial Times reports, the latest rankings are for the top advisory firms through the start of the year, and there are some surprising entrants toward the top. View the full list here.
7. The average banker’s bonus in New York this year was Only $176,700. As Bloomberg reports, the industry saw a nearly 26% drop in average bonus sizes over the past year. One wonders how they will survive. More on the banker’s plight.
8. Oh, Wells Fargo. Not again! The bank was fined nearly $100 million for allowing a foreign bank to conduct prohibited transactions, The Wall Street Journal reported.
9. This is why your Uber rating sucks. Uber drivers explain why users’ ratings may be lower than they expected. Everything from leaving crumbs in the back seat (understandable) to loud friends (really?!) can get you down. Find out what’s holding you back with a perfect 5-star rating.
10. Meet NYC’s “toughest, most expensive workout class.” Few things make Wall Streeters happier than paying absurd amounts of money to yell while at work. Here’s 54D, a fitness studio that’s all the rage, according to the New York Post. Read more about The $5,400 Workout Routine.
Curated by Dan DeFrancesco in New York. Feedback or Suggestions? Email [email protected], Tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Kane (Tweet @Jeffrey_cane) in New York and Hallam Bullock (Tweet @hallam_bullock) in London.
Read the original article on Business Insider